During the forecast period, the global biocomposites market is expected to grow at a 16% annual rate. The market for biocomposites is expected to be worth $128 billion by 2032, up from $25 billion in 2021.
Increased research and development efforts for composite materials and biocomposite uses and benefits such as recyclability, lightweight, and cost-effectiveness are driving this trend. Furthermore, the biocomposites market will continue to grow over the forecasted timeframe due to the hazardous nature of synthetic materials, recycling challenges, and toxic residues.
Germany, the United States, and Japan are among the developed countries working to increase the use of environmentally friendly products over petroleum-based products, according to the biocomposites market report.
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The European Union (EU) has favored such items over the United States and Japanese governments. It requires the use of bio-based materials, encourages the recyclability of vehicle components, and holds automakers accountable for disposal at the end of the vehicle’s service life. These laws are likely to boost demand for biocomposites in various end-use industries, including transportation, construction, and electrical and electronics.
The power necessary to make biocomposites is far lower than that critical to making glass fiber composites or carbon fiber composites. On the other hand, Biocomposites are more expensive than glass fiber composites. However, price reductions are prospects due to economies of scale and common biocomposites applications.
COVID-19 has had a detrimental impact on sales of biocomposites due to a drop in demand from numerous end-use sectors. Being one of the largest users of biocomposites, building and construction have seen the worst and most immediate effects of the epidemic. The building industry has been hit the worst. This has had a negative biocomposites market outlook.
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Advancing at a CAGR of 16%, the biocomposites market size is expected to reach US$ 51 Bn by 2026.
Key Takeaways
- The hybrid composites product section captured the largest market size in the global biocomposites market, owing to increased biocomposites applications around the world. Its substantial market share is credited with the optimum fiber adhesion that leads to decreased moisture content, high strength, and structural capacity.
- As per the biocomposites adoption trends, they are predicted to be the dominant market in the Asia Pacific. Over the projected period, it is also anticipated to be the fastest regional market.
- The requirement for synthetic polymer biocomposites had decreased in 2020 because of the COVID-19 pandemic. As global end-use industries found a stable footing by the fourth quarter of 2020, demand for biocomposites also showed signs of recovery.
- The market for biocomposites is dominated by the building and construction industry.
- Wood fiber composites have the biggest market share in volume in the global biocomposites industry.
“The need for biocomposites is increasing in the building and construction, transportation, consumer goods, and other end-use industries. However, as a result of COVID-19, sales in various industries have decreased, reducing demand for biocomposites.”—opines an FMI analyst.
Competitive Landscape
To gain a foothold in the biocomposites market opportunities, the key companies in the industry are pursuing a variety of inorganic and organic techniques.
Biocomposites, an international medical device company that produces and manufactures leading products for bone and soft tissue infection management, announced today that its STMULAN products are, vancomycin, gentamycin, and tobramycin, have received new Canadian approval for the mixing of antibiotics with them.
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Key Segments
By Fiber Type:
- Wood Fiber Composites.
- Non-wood Fiber Composites
By Polymer Type:
- Natural Polymer Composites
- Synthetic Polymer Composites
By Product:
- Hybrid Biocomposites
- Green Biocomposites
By End-use Industry:
- Building & Construction
- Transportation
- Consumer Goods
- Others
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa (MEA)
These biocomposites may be made inexpensively in developing countries like India and China using abundant raw materials, including flax, jute, Kenaf, and hemp. Therefore, the overall cost of natural fiber-based biocomposites will be reduced. In addition, the biocomposites market future trends indicate that as the technology matures and production reaches economies of scale, these biocomposites are likely to become less expensive in the long run.
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